I think it's probably the opposite because if an offer were announced, say at 45 cents, volume would likely skyrocket and stay relatively high with buyers looking for arbitrage through a yes vote, which could make the outcome of a vote very uncertain (even allowing for churn where same shares are bought and sold multiple times).

Either way, it's obviously never a good idea for management to seriously enough entertain an offer to the extent that it compels them to go public (whatever that threshold is as Craig points out) if they don't think it reflects the value of the company. Doing so could be playing with fire.